December 12, 2017, 12:24 pm
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Wheat eases, soybeans up

SINGAPORE- Chicago wheat futures slid for a fourth consecutive session on Thursday, hitting the lowest in more than two weeks as abundant supplies weighed on the market, with the latest data from Canada showing higher than expected production.

Soybean edged higher, rising for a fourth session out of five as concerns over dryness in Argentina supported the market.

The decline in wheat was unsurprising given slow US exports, said Tobin Gorey, director of agricultural strategy at Commonwealth Bank of Australia.

“The catalyst seems to have been a higher estimate of Canada’s wheat crop by the local official statistician,” he said. “The estimate was the best part of 10 percent higher than where analysts were pegging the number, so it was a big shock.”

Canadian farmers harvested larger crops than expected this autumn, reaping record-large canola output and a surprisingly big wheat crop, a Statistics Canada report showed on Wednesday.

Canola production topped 21.3 million tons, 8 percent higher than Statscan’s September estimate. The all-wheat harvest at 30 million tons exceeded Statscan’s previous estimate by 10.5 percent.

The Chicago Board of Trade most-active wheat contract fell 0.1 percent to $4.24-3/4 a bushel after dropping earlier in the session to $4.23-1/2 a bushel, the weakest since Nov. 21. – Reuters 
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